Gone were the glory days of the carry trade where the FX market had the luxury of a clear framework for understanding and trading currencies, says HSBC. "In the low inflation environment, higher short rates meant a stronger currency and vice-versa...FX was beautiful. It was clear, liquid and transparent. Once we were kings and at the top of the food chains," HSBC clarifies. Thus, with the migration of monetary policy from conventional interest rates to many shapes and forms of the unconventional QE, the currency markets got trapped in an unclear and complex environment. "Before the Fed and the Bank of England ... (full story)